Alcon Posts 3Q Loss and Will Restructure Operations

Date : 11/19/2019 @ 10:32PM
Source : Dow Jones News
Stock : Alcon Inc (ALC)
Quote : 55.8  -0.53 (-0.94%) @ 1:00AM
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Alcon Posts 3Q Loss and Will Restructure Operations

Alcon (NYSE:ALC)
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1 Month : From Nov 2019 to Dec 2019

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   By Maria Armental 
 

Alcon Inc., the eye-care company spun off from Novartis AG, reported third-quarter results on Tuesday. Here's what you need to know:

EARNINGS: The net loss narrowed to $66 million, or 14 cents a share, from $207 million, or 42 cents a share, a year earlier. Core earnings fell to 46 cents a share from 50 cents a share a year earlier.

REVENUE: Total revenue rose to $1.87 billion from $1.76 billion a year earlier.

OUTLOOK: Alconexpects worldwide net sales this year to increase 4% to 5% on a constant currency basis and incur $500 million in separation costs, compared with its earlier view of 2019 sales growth of 3% to 5% net sales growth and $300 million in separation costs.

TRANSFORMATION: Alcon projected $300 million in costs tied to a multi-year restructuring that's projected to result in savings of $200 million to $225 million on an annualized run rate by 2023.

CEO: "Our momentum is strong as an independent company," Chief Executive David Endicott said in a statement. "We're going to build on this success by proactively implementing a multi-year transformation program that will further simplify and streamline our processes, accelerate innovation and strengthen our commercial position. We will reinvest these savings to support new product development and launches."

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

November 19, 2019 17:17 ET (22:17 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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